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Virginia Auto Insurance

Virginia auto insurance is operated under a system of "torts." For drivers in the state, if they cause an accident they legally have to bear the burden of all expenses related to the accident. Virginia laws require motorists to carry several types of insurance coverage. These types of coverage are:

  • Liability coverage
  • Uninsured motorist bodily injury protection
  • Uninsured motorist property damage coverage

In addition to the basic coverage requirements, many Virginia drivers carry no fault auto insurance. This type of coverage provides a much more extensive amount of coverage when an accident occurs, regardless of who is at fault.

Virginia Auto Insurance Required Coverage

Virginia auto insurance requires by law that drivers carry minimum levels of liability coverage. The minimum levels are 25/50/20. When a driver causes an accident, the Virginia liability coverage pays out $25,000 per person injured, up to $50,000 for all bodily injuries, and $20,000 for any property damage.

Uninsured and underinsured motorist protection requires the same levels of pay out - 25/50 for uninsured motorist bodily injury protection and $20,000 uninsured motorist property damage coverage. This coverage pays for damages when the driver who causes the accident does not have adequate coverage.

Virginia auto insurance also has "first party" options available which includes medical expenses. This first party coverage is "no fault insurance" which has benefits that pay out regardless of who was at fault.

Finally, as in all states, Virginia providers offer collision and comprehensive coverage. These types of coverage are usually optional unless you finance or lease your car. However, these can be valuable tools for protection your property assets, especially if you own an expensive vehicle.

Virginia Auto Insurance Rates

Virginia auto insurance ranked 39th in the country for amount of money spent on car insurance during 2003. Virginia auto insurance cost an average $657.37 in that year. Motorists spent an average $381.03 for liability, $253.29 for collision, and $117.26 for comprehensive coverage in 2003.

Virginia auto insurance rates are set using formulas used by the insurance companies. Although every carrier uses slightly different variations of the formulas to calculate individual rates, there are a few factors that all companies use, including:

  • The overall cost of doing business in the state of Virginia
  • Virginia's corporate tax rates
  • Virginia traffic statistics
  • The driver's age, gender, and marital status
  • Individual driving records
  • The driver's history of claims
  • The driver's credit score
  • City in which the driver resides

Not all of these factors are under the control of the driver. However, you can generally keep your rates low by keeping a clean driving record, choosing added safety features when purchasing a vehicle, and taking a voluntary driver's education course, to name a few.

Virginia Auto Insurance Companies

Although most companies use similar calculations to determine premiums, minor variations can result in big price differences. For that reason, you can often save a lot of money if you check rates from several companies.

Official Resources and Legal Information for Virginia Motorists

For official information on Virginia auto insurance, to get individual carrier ratings, or to file a complaint, contact the Virginia Bureau of Insurance.

Virginia Bureau of Insurance
Tyler Building
1300 E. Main St.
Richmond, Virginia 23219
Phone: (800) 552-7945

For other Virginia Insurance Resources, See:

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